Petrobank and petrobakken

[prince_jake_33]

CALGARY, ALBERTA--(Marketwire - Sept. 12, 2011) - PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN - News), a 59% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG - News), is pleased to announce that the Board of Directors of PetroBakken has approved a normal course issuer bid (the "NCIB").

The Toronto Stock Exchange ("TSX") has accepted the Corporation's notice to make the NCIB to purchase outstanding common shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, PetroBakken is authorized to purchase up to 9,361,755 common shares, representing approximately 5% percent of the currently issued and outstanding common shares of PetroBakken. As of today's date, there are 187,235,094 common shares outstanding. On any trading day, PetroBakken will not purchase more than 200,724 common shares.

PetroBakken is authorized to make purchases during the period from September 14, 2011 to September 13, 2012, or until such earlier time as the NCIB is completed or terminated at the option of PetroBakken. Any common shares PetroBakken purchases under the NCIB will be purchased on the open market through the facilities of the TSX and other markets including ALPHA, OMEGA, PURE, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled.

PetroBakken Energy Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.

[dan_s]

Check out my forecast for PetroBakken, which can be found under the Sweet 16 tab. Just click on the PetroBank logo.

PetroBakken should be reporting significant production growth over the next two quarters. 2nd quarter production dipped to 35,300 boepd, primarily due to very wet weather that delayed a lot of completions. The company has told me that production should be over 46,000 boepd by year-end.